The country’s third-largest real estate investment trust singles out 2014 as “a milestone year” for its development team.

Tower’s wobbly share price not a true reflection of group’s meteoric rise.

As if on cue, shares in the suitably named Resilient REIT roared, entrenching themselves in the pound seat, after the firm churned out yet another bumper set of earnings numbers.

According to Catalyst Fund Managers, the SA Listed Property Index (SAPY) recorded a negative total return (-2.98) for the month ended 31 January 2016.

Things at the country’s largest REIT by gross assets are not looking up. Growthpoint ended 2015 on a soft note after lopping off a fortune in investors’ funds. Figures from Catalyst Fund Managers are dispiriting from an investor’s angle.

Listed property returned 7.99% to its investors, outstripping cash’s 6.46%, equities 5.13% and bonds’ -3.93%, according to figures from Catalyst Fund Managers.

Until recently, Growthpoint Properties and Redefine Properties were the largest listed South African real estate groups, leaving institutional investors with limited choice.

According to Catalyst Fund Managers, the SA Listed Property Index (SAPY) recorded a negative total return (-6.12%) for the month ended 31 December 2015.

The weeks-long relentless heat wave hitting South Africa provides a direct contrast to what is happening to the rand: a tsunami.

Investors might be in a rush to see the back of 2015. Despite a dispirited Alsi, the property sector presents signs of good health.